Biogen Inc. reported mixed fourth quarter and full year 2025 results and issued 2026 guidance. Full year 2025 total revenue was $9.9 billion, up 2% from 2024, with GAAP diluted EPS of $8.79 and Non-GAAP diluted EPS of $15.28, above the prior guidance range of $14.50–$15.00. Q4 2025 revenue was $2.28 billion, down 7% year over year, with a GAAP diluted loss per share of $(0.33) and Non-GAAP diluted EPS of $1.99.
Growth products were a key driver: 2025 revenue from these medicines rose 19% year over year, offsetting declines in multiple sclerosis products (excluding VUMERITY). LEQEMBI generated about $134 million of Q4 global in‑market sales, up 54% year over year, while SKYCLARYS and ZURZUVAE also showed strong demand. Multiple sclerosis product revenue fell 7% for the year, rare disease revenue grew 8%, and biosimilars revenue declined 8%.
For 2026, Biogen expects Non-GAAP diluted EPS between $15.25 and $16.25 and total revenue to decline by a mid‑single‑digit percentage versus 2025, with gross margin and combined Non‑GAAP R&D and SG&A expenses roughly consistent year over year. The company highlighted late‑stage pipeline momentum, including FDA Priority Review for LEQEMBI IQLIK initiation and Breakthrough Therapy Designation for litifilimab in cutaneous lupus, with multiple Phase 3 readouts anticipated through 2029.
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